Concerns: 1) executive/insider dumping at rapid rates. 2) Soros 1.3 bil put option 3) Klarman lack of buying 4) bond markets are experiencing massive inflow 5) equities are clearly overvalued 6) indexes have moved sideways for the last 4 months
Technicals: (#1 indicator) turned about a week ago...others ones reinforce bearishness
Chart: A can be a formation that leads to a serious downtrend when it breaks the support. We also hit a in the last 2 months.
Seasonality: Many traders/investors cycle out of equities due to enhanced during April and May...until November.
Sentiment: Many people are still since we hit another all time high. This is faulty logic, people should become more speculative. Momentum stocks are starting to sell off as well..this could be a foreshadowing.
Conclusion: Buying the SPY at $190 is irrational in my opinion.